The following transactions occurred for the month of May. Units Cost Total Sales Price 60 14 $840 70 10 $700 75 11 $825 100 35 17 $595 45 55 Date 1-May Beginning Balance. 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Dates Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under LIFO May 1 May 2 Quantity Purchases Unit Cost $35 Total Cost $35 $35 Cost of Goods Sold Quantity Unit Cost Total Cost Inventory or Unit Cost Quantity

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.